MG Select, a new brand channel of MGI, is dedicated to developing the 'accessible luxury' segment in India.
At launch the company will have two models, MG Cyberster and the MG M9 EV with more to follow later. Sales are expected to begin by May 2025.
These dealerships will be established by Aeromark Cars, a wholly owned subsidiary company of Landmark Cars.
This strategic collaboration with MGI expands the company’s presence in the luxury market and aligns with Landmark’s twin strategy of horizontal expansion by strengthening its relationship with the existing OEMs and vertical expansion by going deep into an identified geography to achieve operating leverage to strengthen its footprint in its existing territories and consolidate its market presence.
With these dealerships, Landmark will not only consolidate its leadership position in Ahmedabad, it will also be able to increase its offerings in Kolkata where now it will deal in MG Select Products apart from its existing product offerings of Mercedes-Benz, Mahindra & Mahindra and Kia.
Sanjay Thakker, promoter and chairman, Landmark Cars, said: “I am very excited about the launch of the upcoming MG Select products.
This new range has the potential to broaden the 'accessible luxury' market in India, and Landmark is well-positioned to capitalize on this growth. This initiative aligns perfectly with Landmark’s strategy to grow with existing, profitable brands and strengthen our presence in our current geographies.”
Landmark Cars is the leading premium automotive retail business in India with dealerships for Mercedes Benz, Honda, Jeep, Volkswagen, BYD, Renault, Mahindra & Mahindra and MG Motors. The company also caters to the commercial vehicle retail business of Ashok Leyland in India. The company has its presence across the automotive retail value chain, including sales of new vehicles, after-sales service and repairs, sales of pre-owned passenger vehicles and facilitation of the sales of third party financial and insurance products.
The company had reported a net loss Rs 0.02 crore in the quarter ended September 2024 as against net profit of Rs 20.16 crore during the previous quarter ended September 2023. Sales rose 17.72% to Rs 907.27 crore in Q2 FY25 as compared with Q2 FY24.
The scrip shed 0.10% to currently trade at Rs 608.95 on the BSE.